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Sun, August 3, 2025

Govt, private sector cooperation essential to improve insurance sector

B360
B360 August 3, 2025, 3:04 pm
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KATHMANDU: President of Non-Life Insurance Business Association and Chairman of Prabhu Insurance, Rajendra Malla, has said that cooperation between the government and private sector is essential to improving the insurance sector.

Speaking at Prabhu Insurance’s 30th anniversary, Malla emphasised the need for policy-level reforms and technological advancements in the insurance sector, saying, ‘Insurance must now be connected to technology; this will bring improvements in both transparency and service effectiveness.’

Malla, who is also immediate past President of Nepal Chamber of Commerce (NCC), added that Nepal’s insurance sector is growing stronger day by day and that, if it were to become fully technology-friendly, financial transparency could be maintained.

He announced that Prabhu Insurance had declared 18% bonus for fiscal year 2024/25. ‘This achievement is the result of the company’s service, transparency and commitment. We are committed to being more responsible to our policyholders and to providing fast and timely claim payments in the future.’

He reiterated that effective service delivery is necessary to put the slogan ‘Insure yourself and be assured’ into practice. ‘Insurance is a sector that serves during times of disaster and risk. It is also important for us to instil this trust in the public.’

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